Our Wealth Strategies practice, the largest in the region, has represented both sides in guardianships and conservatorships. We have represented and counseled fiduciaries on their investment responsibilities, and have performed a large volume of work with respect to trusts, grantors and trustees in different states.
Trusts and Estates
- Closed the sale of a large block of stock within three days of a decedent’s death, and prior to a large extraordinary dividend, which resulted in little taxable gain to the estate, but, would have been ordinary income (taxed at a much higher rate) absent the sale. The Internal Revenue Service did not challenge the transaction.
- Retained by a judge in a protectorate country of the United States where the existing laws in the country were too undeveloped to provide guidance for many complex issues arising in the administration of a large and highly contested estate. Our work created new precedent in the country and helped to develop the law in this area where none previously existed.
- Assisted the owner of privately held holding company owning a publicly held subsidiary in restructuring the company to: (a) preserve owner’s voting control in a merger resulting in termination of a corporate freeze; (b) transfer large blocks of public shares to children without capital gain and with relatively minimal gift tax, and (c) virtually eliminate estate tax on the owner’s stock through use of a non-private charitable foundation whose friendly trustees can continue to control the company after the owner’s death while meeting the owner’s charitable objectives.
- Implemented an Employee Stock Ownership Plan resulting in elimination of capital gain on a majority shareholder’s sales of stock to ESOP.
- August 30, 2011